mallee oil field hopes

A SEARCH for a new oil and gas field that could be worth up to $20 billion is in progress in Victoria.

A consortium of exploration companies is hunting large new oil reserves in the Mallee.

Headed by WA-based Fairstar Resources, the consortium says the area could yield hundreds of millions of barrels of oil from 15 to 20 wells.

The field could also hold billions of cubic metres of natural gas.

The first test well was started this week near Sea Lake, 70km southwest of Swan Hill.

The exploration permits cover a vast tract of western Victoria.

A major oil find in Victoria could ease the nation's petrol price crisis and provide fuel security for another decade

http://www.news.com.au/heraldsun/story/0,21985,23974173-664,00.html